Customs Slashes Import Duty On Vehicles To 20%

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Customs Slashes Import Duty On Vehicles To 20%

The Nigeria Customs Service has confirmed the reduction of import duty on vehicles from 35 percent to 20 percent.

Customs spokesman, Timi Bomodi, who disclosed this weekend, said, “The new Common External Tariff (CET) 2022 to 2026 puts the duty for cars at 20 percent. However, we await further directives from the Federal Ministry of Finance with regards to levies.”

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Bomodi explained that the CET is the harmonised system for the World Customs Organisation (WCO) for the processing of imports adopted by the Economic Community of West African States (ECOWAS) for common duty rates.

“These rates are reviewed every five years. The old ECOWAS CET expired in 2021,” he said.

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He said that the new rate applies to both new and used cars imported into the country.

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